Social networking site for old people BOOMj.com has been acquired (or merged into: they say both) by Time Lending California, a company that engages in “direct mail marketing for mortgage companies” as well as real estate loan brokering and real estate sales.
Under the deal, the OTCB listed Time Lending will change its name to BOOMj .com Inc. George Pursglove, President and Chief Executive Officer of BOOMj.com/ Time Lending said the deal is a “milestone in the continued creation of shareholder value that will provide BOOMj with access to capital markets which will help our company’s growth and greatly enhance our visibility and market awareness.” To an outsider it sounds like Time Lending is bolting on a web site in an attempt to ride the current boom in net stocks, but that may be just me being too cynical, after all I’m sure a real estate and direct marketing company knows a ton about running a social networking business.
Time Lending California’s previous acquisitions include Nationwide Security Mortgage Corp.
Social networking for baby boomers is a crowded market place that is seeking an audience at a time that older users are embracing sites such as Facebook and MySpace. Competitor Eons slashed staff in September.
Terms of the deal were not disclosed.